Debts Recovery Tribunals and Appellate Tribunals
MS HIND AGRO INDUSTRIES LTD AND ORS vs PUNJAB NATIONAL BANK on 27 October 2025
**Debts Recovery Tribunal-III, Delhi**
**MA/40/2025**
**MS Hind Agro Industries Ltd and ors Vs Punjab National Bank**
27.10.2025
Item no. 03
Present: Mr. Shailendra Sharma & Mr. Jatinder Sharma, Ld. counsel for MA applicant.
Ms. Simran Chadha, Ld. counsel for respondent bank along with Mr. Yashvir Singh, Liaison Officer.
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1. 1. This matter is taken up by this Tribunal through Hybrid mode.
2. 2. The present Miscellaneous Application has been filed on behalf of the Applicants seeking to restrain the Respondent Bank from proceeding further with the auction of the secured assets pursuant to the auction notice dated 19.09.2025, and for setting aside the said auction notice.
3. 3. The background of the matter reflects that the Applicants had earlier filed Securitisation Application No. 379 of 2022 under Section 17 of the SARFAESI Act, 2002, challenging the measures initiated by the Respondent Bank under Sections 13(2) and 13(4) of the said Act. During the pendency of that matter, it was brought on record that insolvency proceedings had been initiated before the Hon'ble NCLT and that a Resolution Professional had been appointed. Based on the statement made by the Respondent Bank that the subject property was already under the control of the Resolution Professional under the IBC, the Tribunal, vide order dated 28.10.2024, had disposed of the said Securitisation Application as infructuous.
4. 4. Despite the above, the Respondent Bank subsequently issued a fresh auction notice dated 19.09.2025 with respect to the same secured assets, leading the Applicants to file the present Miscellaneous Application seeking similar reliefs as earlier sought in the disposed Securitisation Application.
5. 5. Having heard the submissions of the Ld. Counsel for the Applicants and perused the material placed on record, it is observed that the relief sought herein directly pertains to the validity and legality of the auction notice issued under Section 13(4) of the SARFAESI Act. Such a challenge falls squarely within the ambit of Section 17 of the SARFAESI Act, 2002, which provides for a statutory remedy to an aggrieved person to file a Securitisation Application before the Tribunal.
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1. 6. A Miscellaneous Application cannot be treated as a substitute for a substantive Securitisation Application under Section 17. Once a fresh auction notice has been issued, the proper remedy available to the Applicants is to assail the same through a duly instituted Securitisation Application under Section 17 of the Act, with all requisite pleadings, documents, and statutory fee.
2. 7. Accordingly, since the relief sought in the present Miscellaneous Application pertains to the challenge of a fresh auction notice, the same is not maintainable in the present form. In view of the above discussion, the **Miscellaneous Application no. 40/2025** is hereby **dismissed**, as not maintainable.
3. 8. Consigned the file into record room.
27.10.2025
(SHIV KUMAR - I) PRESIDING OFFICER, DRT-III, DELHI